(810 ILCS 5/3-504)
(from Ch. 26, par. 3-504)
Excused presentment and notice of dishonor.
(a) Presentment for payment or acceptance of an instrument is excused if
(i) the person entitled to present the instrument cannot with reasonable
diligence make presentment, (ii) the maker or acceptor has repudiated an
obligation to pay the instrument or is dead or in insolvency proceedings,
(iii) by the terms of the instrument presentment is not necessary to enforce
the obligation of indorsers or the drawer, (iv) the drawer or indorser whose
obligation is being enforced has waived presentment or otherwise has no reason
to expect or right to require that the instrument be paid or accepted, or
(v) the drawer instructed the drawee not to pay or accept the draft or the
drawee was not obligated to the drawer to pay the draft.
(b) Notice of dishonor is excused if (i) by the terms of the instrument
notice of dishonor is not necessary to enforce the obligation of a party to
pay the instrument, or (ii) the party whose obligation is
being enforced waived notice of dishonor. A waiver of presentment is also
a waiver of notice of dishonor.
(c) Delay in giving notice of dishonor is excused if the delay was
caused by circumstances beyond the control of the person giving the notice
and the person giving the notice exercised reasonable diligence after the
cause of the delay ceased to operate.
(Source: P.A. 87-582; 87-1135.)